Totally OT fooledalot:
I'm looking forward to rudedog's reply to your posting. Until you receive it, I have been following TYC for a few months. At one point ML had it as its Profile 1 stock, or whatever they call it. Although I liked what I saw, when the accounting irregularities charge was made, I decided to hold off getting any shares, just having the feeling that it was not the right time to buy.
Yesterday a friend on another thread, who did not know I was following TYC, made a posting to me mentioning how TYC had dropped thought the floor. I immediately put in a market order.
If I thought TYC was going to be deja vu of CPQ last year, I would not have touched it with a ten foot pole. CPQ had real problems whereas for TYC, this is merely a glitch, their earnings and prospects have not changed. To me, its like comparing an apple with a sack of concrete mix. All the brokerage houses that have come out with new recommendations since yesterday continue to have buy or strong buys with 12 month price estimates as high as $81.
I bought TYC as a long term investment although I must admit to having been very, very tempted to, as they say, "back up the truck," and go for a short term play on a wad of shares. The only thing that held me back was taxes. I am sure there were a lot of people who merely bought shares yesterday to go after the fast buck, were not concerned about the tax consequences of a short term gain. Given these players, I expect some volatility so should think you can get some shares under 30.
Regards,
Lynn |
